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Get your taxes done using TurboTax
Thanks JohnB5677. Let me make sure I understand your answer. Are you saying when calculating my safe harbor tax estimates for next year, I can base it on what my taxes would have been this year without the IRA to Roth converston?
For example using simple numbers, let's say my income was $100 and my Roth conversion added another $150 to my income bringing my AGI to $250. And say my taxes in 2022 on the $250 is $50. Then my estimated taxes for 2023 would be $22 ($50/$250 * $100 * 1.1%)?
March 6, 2023
2:46 PM